The Association Libra has officially applied for a payment system license from FINMA Switzerland.
The association is based in Geneva, Switzerland, so the application to operate as a payment system was sent to the Swiss Federal Financial Market Supervisory Authority.
As the CEO of the Poseidon Group, Lars Schlichting, I reveal, the product notes was modified before application, and the submitted application differs significantly from the original project.
Provides not just a stable multi-currency coin, but also a stable single-coin coin.
The application will be evaluated in cooperation with 20 other financial authorities.
As announced ago more than a month, the original idea of proposing a single stable currency anchored to a basket of fiat currencies would have meant the failure of the initiative, so the association was forced to modify the technical document to adapt it to the more or less explicit requests received from the financial authorities.
It should not be forgotten that the CEO of Facebook, Mark Zuckerberg, promised some time ago Addressing all doubts before launching the project on the market, so if regulators had raised insurmountable objections, the only solution to move forward was to tailor the project to their demands.
This appears to be exactly what has happened in the past few months, so at this point it is plausible to imagine that FINMA may grant Libra the requested license.
The licensing process under the Swiss supervisory law has officially started, but its outcome and duration remain unknown.
FINMA reveals that, like all new projects, the application is not necessarily complete, but allows the licensing process to begin.
The agency will thoroughly analyze the application and will likely impose additional requirements, in particular for ensure that strict national and international standards are maintained related to the payment infrastructure and the fight against money laundering.
As usual, no public information will be provided on the status of the current process or its expected duration.
It will be necessary to wait until the final result is published to know how it will turn out or to expect some indiscretion from any internal member of the Libra Association.
The initial hypothesis of a project launch in mid-2020 now seems really unlikely, while the hypothesis of a fall launch still seems plausible.